The apex bank is a well-structured financial body with different categories and hierarchies. It comprises twenty-nine departments, each headed by a director. The Central Bank of Nigeria is supervised and directed by a board of directors which is the highest level of the bank.<\/p>\n
The CBN governor remains the chairman of the board of directors. In addition, deputy governors of the bank serve as members of the committee of governors on the board of directors. Other board members include six appointed members and the accountant general of the federation.<\/p>\n
According to the CBN act of 2007, section 8 subsection 3 states that ‘ the salaries, fees, wages, or other remuneration or allowances, including pension and other allowances payable to the governor and the deputy governors, shall be as stipulated from time to time by the board subject to the approval of the President.’ <\/span><\/span><\/p>\n Overall, it isn’t easy to access the salary structure of CBN. The information provided on the remunerations is from a survey of some of its employees. Some of the vital staff salaries covered are the branch controller, chartered accountant, chief security officer (CSO), and deputy governor of the CBN.<\/span><\/p>\n The Central Bank of Nigeria’s governor earns a monthly salary of \u20a62,480,212 or an annual salary of \u20a629,762,544. Additionally, he or she is entitled to a variety of allowances and benefits, such as a housing allowance, medical insurance, a furniture allowance, a leave allowance, a pension, and a severance package that involves a lump sum payment of 300% of the Governor’s salary upon leaving office.<\/p>\n In the hierarchy of the CBN structure, the governor answers directly to the board of directors. The remunerations of the governor of CBN<\/a> are wholly guided by the CBN Act of 2007, section 8 and subsection 3<\/a>. The board of directors must analyze all salaries, allowances, and incentives due to the governor. The board would then present the document to the president for approval.<\/p>\n Note that the salary of the CBN governor is liable to be changed by the board of directors and the president of the country.<\/p>\n The estimated salary for CBN a senior supervisor is 250, 833 per month. The estimated base pay is NGN 180,000 per month while the estimated additional pay is NGN 70,833 per month. Additional pay could include tips, bonuses, stock, commissions, or profit sharing.<\/p>\n This figure is reportedly 549% lower than the average salary for a typical Senior Supervisor in Abuja, which is around NGN 1,630,000 per month.<\/p>\n The entry-level salary for those starting training at the Central Bank of Nigeria (CBN) is between N60,000 and N100,000 per month. Loan officers earn N573,000 per month, while the average salary across the CBN is N509,008 per month. Branch controllers receive a basic monthly salary of N732,000, entry-level staff earn N122,000, credit analysts earn N647,000 while the CBN governor earns a monthly salary of N2,480,212.<\/p>\n All employees, including the governor, are eligible for housing allowance, transport allowance, and meal subsidy\u2014training allowances for new staff range from N1.2 million to N1.5 million. Further information on CBN allowances is not open to public scrutiny.<\/p>\n CBN ranks are in this order CBN governor (\u20a62,480,212 per month), Deputy governors (net salary – \u20a63.69 million), CBN branch controller (\u20a61,001,000 per month), chief security officers (\u20a6578,000 per month), chartered accountants (\u20a6275,000), credit analysts (\u20a6647,000), loan officers (\u20a6573,000), entry-level (\u20a6122,000), and graduate trainee (\u20a643,000).<\/p>\n The Central Bank of Nigeria’s Governor earns a monthly salary of \u20a62,480,212 or an annual salary of \u20a629,762,544. Additionally, he or she is entitled to a variety of allowances and benefits, such as a housing allowance, medical insurance, a furniture allowance, a leave allowance, a pension, and a severance package that involves a lump sum payment of 300% of the Governor’s salary upon leaving office.<\/p>\n Deputy governors at CBN earn a net salary slightly below N2 million per month. The Central Bank of Nigeria made provision for the deputy governor’s office. The office has four deputy governors, each handling some of the departments and units of the institution. The board of directors wholly determines the salary, allowances, and other incentives of the deputy governors under the CBN Act of 2007<\/a>.<\/p>\n The determined salaries and allowances go for the approval of the President of the Republic of Nigeria. Therefore, the actual figure for the remuneration and other incentives of the deputy governors remains unknown.<\/p>\n Branch controllers earn a basic monthly salary of N1,001,000 and receive N12,000,000 annually. Other allowances and incentives associated with the position remain undisclosed. The Central Bank of Nigeria has offices across the thirty-six states of the federation, which gave rise to the positions of the branch controllers situated in different state offices.<\/p>\n They oversee the institution’s affairs in their respective branches and report to the head office. The branch controller office is also a significant one that the institution attached a high remuneration value to it.<\/p>\n CSOs of the Central Bank of Nigeria earn N578,000 as a monthly salary and receive N6,936,000 annually. The personnel in this rank are in charge of the security network of the institution. The position heads the office of the CSOs in different CBN branches of the federation. It is vital to the institution as its security is essential to the nation.<\/p>\n Central Bank of Nigeria pays chartered accountants a basic monthly salary of\u00a0N275,000,\u00a0giving\u00a0N3,300,000 as a basic annual salary. The institution requires 3 to 9 years of accounting experience to qualify for this position.<\/p>\n CBN uses accountants and, especially, professional accountants. As a financial institution, their duties cut across all aspects of the institution, like the internal control and audit units. As a result, professional accountants under the audit unit in CBN receive a higher remuneration when compared to other federal government agencies.<\/p>\n![\"Salary](\"https:\/\/www.cbn.gov.ng\/Images\/Organogram\/organogram2018.gif\")
<\/a><\/p>\nSummary of The Hierarchy Of The Structure Of The CBN<\/strong><\/h3>\n
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Summary of The Hierarchy Of The Structure of the CBN<\/span><\/strong><\/h3>\n
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CBN Salary Structure<\/span><\/strong><\/h2>\n
What is the CBN Governor’s Salary?<\/strong><\/h2>\n
What is the CBN Salary for a Senior Supervisor?<\/strong><\/h2>\n
CBN Salary and Allowances<\/strong><\/h2>\n
CBN Ranks and Salary<\/strong><\/h2>\n
CBN Governor’s Salary Structure<\/strong><\/h3>\n
CBN Deputy Governors’ Salary Structure<\/strong><\/h3>\n
Branch Controller Salary Structure\u00a0<\/strong><\/h3>\n
Salary Of The Chief Security Officers (CSOs) Structure<\/strong><\/h3>\n
Chartered Accountant Salary Structure\u00a0<\/strong><\/h3>\n
Credit Analysts’ Salary Structure<\/strong><\/h3>\n